Wood businesses struggle to find opportunities for the last months of the year

DNHN - Mr. Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association (Viforest), stated that companies are seeking potential markets in North America, the United Kingdom, Europe, and Northeast Asia.

Currently, the export wood market faces numerous obstacles, prompting businesses to seek out new opportunities and develop more competitive wood products. In this context, Mr. Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association (Viforest), stated that companies are seeking potential markets in North America, the United Kingdom, Europe, and Northeast Asia.

To support the wood and forest product processing industries, the Timber and Forest Products Association has proposed export promotion and market expansion measures. First, they proposed to prioritize supporting timber businesses through the negotiation and conclusion of trade agreements. Simultaneously, they proposed supporting the establishment of clusters and concentrated industrial zones for wood and forest product processing industries in prospective regions and locales. In addition, it is proposed to establish an international trade center to introduce and promote wood processing industry products and export forest products. In addition, businesses will be assisted in building their capacity to handle commercial competition cases. The development of the wood industry's supporting industries, such as paint, glue, screws, packaging, and logistics, will also be encouraged.

In addition to seeking export opportunities, businesses in the wood industry are contemplating reorganizing their production processes and investing in machinery to reduce labor costs. In addition, they diversify their product line by combining wood with other materials, such as metal, stone, glass, and fabric, to improve the aesthetics of their products and meet customer demands.

Not only the wood and forest products industry but also many other agricultural products are experiencing difficulties at present. The current state of the global economy is marked by numerous fluctuations and the effects of inflation, making production and business operations challenging for a great number of organizations.

Experts assert that in the current environment, businesses in the wood industry must seek out opportunities and expand the market. To accomplish this, businesses must effectively collect data from prospective markets and promote their competitive advantages to increase revenue and order volume. In addition, participation in exhibitions, trade fairs, and product promotions is a crucial method for fostering relationships and promoting consumption.

The export target for the wood and forest products industry in 2023 is 17.5 billion US dollars, a slight increase from the 17.1 billion US dollars achieved in 2022. Nonetheless, achieving this objective is difficult in the current challenging and volatile market environment.

Although enterprises in the wood industry face numerous challenges in locating business opportunities, they can overcome these obstacles and achieve their export objectives by locating potential markets, restructuring production, diversifying products, and participating in trade promotion activities.

PV